An Export Letter of Credit is a crucial document in international trade finance, providing security and payment assurance to exporters while offering importers credit facilities. Under UAE jurisdiction, this document combines local banking regulations with international standards, particularly the UCP 600 rules. The Export Letter of Credit is typically used when engaging in cross-border trade where the exporter requires payment security, and the importer needs to demonstrate financial credibility. It contains specific details about the transaction, including payment terms, shipping requirements, and document presentation conditions. The document must comply with UAE Federal Law No. 18 of 1993 and UAE Central Bank regulations, while also adhering to international banking practices. This makes it particularly relevant for UAE-based companies engaged in international trade or foreign companies doing business with UAE entities.
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1. Letter Reference Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Applicant Details: Full name, address, and contact details of the importing party requesting the Letter of Credit
3. Beneficiary Details: Full name, address, and contact details of the exporting party in whose favor the L/C is issued
4. Issuing Bank Details: Name and details of the bank issuing the Letter of Credit
5. Credit Amount and Currency: Specified amount and currency of the Letter of Credit, including any tolerance levels
6. Form of Credit: Specification that this is an irrevocable documentary credit subject to UCP 600
7. Expiry Date and Place: Clear statement of when and where the Letter of Credit expires
8. Documentary Requirements: Detailed list of required documents for payment (shipping documents, certificates, etc.)
9. Shipment Terms: Details of shipment including latest shipment date, partial shipments, transshipment provisions
10. Payment Terms: Specification of payment conditions, timing, and method
11. Special Conditions: Any specific conditions or requirements particular to this transaction
1. Advising Bank Details: Required when a second bank is involved in advising the L/C to the beneficiary
2. Confirmation Instructions: Include when confirmation by another bank is requested
3. Reimbursement Instructions: Required when involving a reimbursing bank different from the issuing bank
4. Transfer Provisions: Include when the L/C needs to be transferable to another beneficiary
5. Back-to-Back Provisions: Required when the L/C will be used as collateral for another L/C
6. Green Clause Provisions: Include when advance payment facilities are required
7. Deferred Payment Terms: Required when payment is to be made at a specified future date
1. Commercial Invoice Template: Prescribed format for the commercial invoice required under the L/C
2. Packing List Requirements: Detailed specifications for the packing list format and content
3. Required Certificates List: Comprehensive list of required certificates with specific formats and contents
4. Document Presentation Schedule: Timeline and procedure for document presentation
5. Shipping Schedule: Detailed timeline for shipment and delivery milestones
6. Product Specifications: Detailed specifications of the goods being exported
7. Bank Format Requirements: Specific formats required by the issuing bank for various documents
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